https://www.taxtmi.com/caselaws?id=793352 Section 50 is a special computation provision for depreciable assets and creates a legal fiction only for computing capital gains under sections 48 and 49; it does not change the intrinsic character of a long-term capital asset into a short-term capital asset. For section 74, the character of the underlying asset remains relevant, so the deeming fiction cannot be extended to deny set-off of current year's and brought forward long-term capital losses. The stated jurisdictional precedent supports this limited operation of section 50. On that basis, the assessee is entitled to set off long-term capital losses against the gain from transfer of the depreciable asset. en-us Mon, 08 Jun 2026 00:00:00 +0530 Sat, 13 Jun 2026 08:36:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=793352 Section 50 is a special computation provision for depreciable assets and creates a legal fiction only for computing capital gains under sections 48 and 49; it does not change the intrinsic character of a long-term capital asset into a short-term capital asset. For section 74, the character of the underlying asset remains relevant, so the deeming fiction cannot be extended to deny set-off of current year's and brought forward long-term capital losses. The stated jurisdictional precedent supports this limited operation of section 50. On that basis, the assessee is entitled to set off long-term capital losses against the gain from transfer of the depreciable asset. Case-Laws Income Tax Mon, 08 Jun 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=793352